He campaigned for passing the Commodity Futures Modernization Act. It deregulated derivatives trading. It legitimized swap agreements and other hybrid instruments.

It's one of the root causes of today's financial disaster. It ended derivatives and leveraging regulatory oversight. Doing so unleashed a tsunami of trouble.

It rages out-of-control. It more than ever turned Wall Street into a casino. It steals public wealth. It facilitates fraud. It does so on an unprecedented scale.

Nothing ahead suggests change. Fed policy reflects business as usual. On September 16, the Wall Street Journal headlined "Yellen Is Now Top Fed Hopeful. White House Leans to Vice Chairwoman After Summers's Withdrawal From Consideration."

On Monday, White House press secretary Jay Carney said nothing will be announced this week. Obama's "on track to name his Fed nominee this fall." It arrives Sunday, September 22.

According to the Journal, congressional Democrats and "liberal groups" led the fight against Summers' appointment.

"Privately, Mr. Obama's aides have said for weeks that Mr. Summers was the president's preferred choice." He looked sure to be chosen.

Yellen's been vice chairwoman since October 4, 2010. Her supporters prefer her mostly because she's not Summers.

It takes a leap of faith to believe she'll change current Fed policy. She'll continue what's agreed on now. Her record reflects it. She's a prototypical insider.

At the same time, she's not ideologically driven. She's not hardline. She lived through the stagflationary 1970s. High short rates were imposed to curb it.

On April 11, 2011, she addressed the Economic Club of New York, saying:

"The FOMC is determined to ensure that we never again repeat the experience of the late 1960s and 1970s, when the Federal Reserve did not respond forcefully enough to rising inflation and allowed longer-term inflation expectations to drift upward."

"Consequently, we are paying close attention to the evolution of inflation and inflation expectations."

As Fed chairwoman, don't expect her to raise interest rates soon. From February 1997 - August 1999, she was Clinton's Council of Economic Advisors chairwoman.

From June 2004 - October 2010, she was Federal Reserve Bank of San Francisco president. On October 4, 2010, she was appointed Fed vice chairwoman. She currently serves in this capacity.

She supported around $4 trillion of reckless quantitative easing (QE). It wasn't used for economic growth. It bailed out Wall Street crooks.

It fueled speculative excess. It did so at near-zero interest rates. It facilitated greater industry consolidation. Former Troubled Asset Relief Program (TARP) head Neil Barofsky estimated around $23.7 trillion given bankers.

Where did the money go, he asked? Fed officials like Yellen did nothing to curb outright fraud. She and other FOMC members let Wall Street steal with impunity.

Obama supports business as usual. Bernanke's been Fed chairman since February 2006. Smith calls him Greenspan on steroids.

Yellen supported numerous bad policies. She backed repealing Glass-Steagall. She endorsed NAFTA. She pressured government policy makers to "develop a new statistical metric intended to lower" Social Security payments.

She did so by wanting the consumer price index (CPI) more corrupted than already. Since the 1980s, it's been fraudulently manipulated. Doing so makes inflation look artificially lower.

In 1998, she supported cap and trade. Obama failed to get legislation passed to institute it. Doing so would be a bonanza for Wall Street.

It would do so through carbon trading derivatives. Potentially it would be a multi-trillion dollar market. Whatever benefits bankers, Yellen supports. She's soft on anti-trust policy.

Her accomplishments are greatly exaggerated. Tout TV pundits claimed "she was one of the economists who recognized (a) housing bubble forming," said Smith.

FOMC minutes "show no such thing." At most, Yellen called housing prices potentially too high. "She missed the bubble like everyone else in the cloistered Fed."

According to market analyst John Hussman:

"We now face the prospect of Janet Yellen, who in October 2005, at the height of the housing bubble, delivered a speech effectively proposing that monetary policy could mitigate any negative economic consequences of a housing collapse, and arguing that the Fed had no role in preventing further housing distortions:

" 'First,' she said, 'if the bubble were to deflate on its own, would the effect on the economy be exceedingly large?' "

" 'Second, is it unlikely that the Fed could mitigate the consequences?' "

" 'Third, is monetary policy the best tool to use to deflate a house-price bubble?' "

" 'My answers to these questions in the shortest possible form are, 'no,' 'no,' and 'no.' "

She claimed higher than normal prices didn't reflect bubble trouble. They could be high for fundamentally good reasons. Greenspan said much the same thing.

He fueled the bubble on his watch. He let housing prices become an $8 trillion wealth monster. He had regulatory authority to prevent it. He ignored his fiduciary responsibility. He did so to enrich Wall Street.

He blamed the bubble on success, saying:

"The tectonic shift in the early 1990s by much of the developing world (away) from central planning to increasingly dynamic, export-led market competition."

The result was a surge (in growth). It "led to an excess in savings." Doing so "propelled global long-term interest rates progressively lower between 2000 and 2005."